Standard Chartered divides up duties of promoted Talwar
Article Abstract:
Standard Chartered PLC has appointed Rana Talwar as its new CEO in replacement of retiring Malcolm Williamson effective Oct. 1, 1998. Previous responsibilities of Talwar, who joined the firm 15 months ago, will be divided among Alexander Au, Christopher Castleman, Michael Green and David Moir. Talwar will keep two of his former duties including group strategy and human resources while the five executives will divide Talwar's duties among themselves. Au will assume duties held by Talwar in the Middle East, South Asia, and the UK. Castelman will take the workload in the firm's African business. Green will take over Talwar's US duties as well as Latin America, risk, technology and Year 2000 functions. Moir will handle Talwar's duties in India.
Comment:
Appoints Rana Talwar as its new CEO in replacement of retiring Malcolm Williamson effective 10/1/98
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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HypoVereinsbank settles dispute over provisions
Article Abstract:
HypoVereinsbank AG, which is the second biggest bank in Germany, announced the company's supervisory board member, Eberhard Martini, and CEO Albrecht Schmidt settled their highly public internal dispute concerning real-estate provisions. The dispute centered on who should be blamed for a charge of DM3.5 billion, or $2.1 billion, to cover risks in the company's east German property business. The rift between the two officials was damaging the reputation of HypoVereinsbank, and it would cause a dispute among the bank's employees, according to analysts. HypoVereinsbank was recently created through the merger of HypoBank and Bayerische Vereinsbank.
Comment:
Says its supervisory board member, Eberhard Martini, & CEO Albrecht Schmidt settle their dispute about real-estate provisions
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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Chase to take bold approach on Euro
Article Abstract:
Chase Manhattan Bank has announced its intention to adopt euro, the new currency of Europe, with the advent of an economic and monetary union on January 1, 1999. The move is an effort to forge a market leadership in the new banking environment created by the new currency and secure long-term gains. Chase Manhattan plans to adopt the euro for all international operations formerly carried out in the currencies of the 11 EMU-participant countries. Chase Manhattan is expected to take a $75-million cost in consolidating its accounts, in which bank books and records will be in euros.
Comment:
Intends to adopt euro, the new currency of Europe, with the advent of an economic and monetary union on January 1, 1999
Publication Name: Wall Street Journal. Europe
Subject: Business, international
ISSN: 0921-9986
Year: 1998
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